|
Z |
| |
|
|
| |
|
|
|
A Few Helpful Tips |
|
Tip #1
Don't buy what you have been qualified for. Buy what
you can really afford. After you close the loan, you
are the only one responsible for the payments,
not the loan officer. |
|
Tip #2
If you are short of cash for closing, ask the
sellers if they are willing to pay all or part of
your closing costs. |
|
Tip #3
Don't get Option Arm Loans. Those could be
disastrous and could ruin your credit if you are not
careful. |
| |
| |
|
|
Commercial
loan for Multi
family |
|
|
|
 |
|
|
|
Commercial loan for
|
|
multi family 5
units and more |
|
www.agfmortgage.com |
|
|
| |
| |
| |
| |
| |
|
SBA and
Commercial Loans |
| |
|
 |
| |
|
Are
Business owner and you wont your own building for
your business. in some cases you just need to
have10% down payment. |
|
www.agfmortgage.com
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
Affordable Refinance
Plan
(HARP)
|
|
This relief plan was created by
Fannie Mae and Freddie Mac as a part
of the stimulus package to help
millions of homeowners to refinance
their loans with low interest rates
even if the appraisal value of their
properties have dropped around 20%.
Credit score of 620 is required. |
|
|
|
Appraisal
Value |
The loan can
not exceed 105% of new appraisal value.
|
|
Example: Two years ago, you bought a house
for $100,000 and you got a loan
for $80,000 with 6.00% or higher interest
rate. Your loan did not have mortgage
insurance. Now, due to the declining home
values your home appraises only $80,000.
With this plan your loan will not decline
due to the property value |
|
|
Back to list |
|
Your
Current Loan |
Your current loan should be Fannie Mae's
loan, but could be serviced by any bank or
mortgage company such as: Bank of America,
Citi, Chase, Countrywide, Fifth Third Bank,
Well's Fargo, Washington Mutual, Capital
Federal Savings, JB Nutter, or others. |
|
New Loan
Amount |
|
|
Your new loan amount will include:
|
|
Balance of existing loan |
|
|
Closing costs |
|
|
Prepaid Items |
|
The total loan amount can not
exceed 105% of the new appraisal
value. |
|
|
Who
Should Apply?
|
|
|
The borrowers who are homeowners and
are current on their mortgage
payments, but unable to refinance
because the home value has
decreased. With this Fannie Mae'
home affordable loan plan, they may
be able to refinance and convert: |
| |
|
|
|
|
With no
Mortgage Insurance |
Back to list |
|
The new loan will not have mortgage
insurance, but If your existing loan has
mortgage insurance, it will not qualify for
this plan. |
| |
|
No Cash
Out with Harp Plan |
You can not get any cash out from this
transaction at closing. |
|
Property
Types |
|
|
Primary home
|
|
Second
home |
|
Investment home |
|
|
|
|
|
|
|
|
|
Minimum
Credit Score |
| |
|
For
Fannie Mae's DU Refinance plus, the
credit score should be
|
|
620 for
primary home and 680 for second home
and investment property. |
|
|
|
For Freddie Mac, there is no
minimum credit score requirements,
|
|
but if principal and interest
payment is increasing by
20%, then the
|
|
minimum
credit score requirement is 620. |
|
Back to list |
|
|
Is Freddie Mac’s
rate higher than Fannie Mae’s rate in HARP
program?
|
|
Is Freddie
Mac’s rate higher than Fannie Mae’s
rate in HARP program?
|
| |
|
On the
contrary, in Freddie Mac, since
there is no credit score rate
adjustment, it’s rate should be
lower than Fannie Mae’s rate in HARP
plan. If you are getting higher
interest rate from your current
mortgage company, here is the
reason: |
|
If your
loan is with Fannie Mae, regardless
of who is servicing the loan, you
could apply for HARP program with
any mortgage company. However, if
your loan is with Freddie Mac, you
have no choice but refinancing your
loan with your current mortgage
company. Since no one is able to
compete for your loan, your mortgage
company may charge what ever they
want. |
|
Competition has a lot to do with low
interest rates too. Even in normal
circumstances, if there were no
mortgage brokers and all the
mortgages were done by just a
handful of big banks, your interest
rates would be much higher. |
|
|
Back to list |
|
|
|
|
|
|
z |
|
|
|
Credit Scores
are unreliable |
|
|
 |
| |
|
|
|
|
|
Someone with 60 days
late pay on mortgage
account has 760
credit score and
someone with no late
pay has 658! This is
not right! |
|
http://www.stopcreditscore.com |
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
|
Loopko .Com |
|
Markets only
companies
with |
|
excellent
services and
products. |
|
http://www.loopko.com |
|
|
| |
|
|
|
|
|
|
|
States We Offer Commercial Loan |
Alabama,
Alaska, Colorado, Connecticut, Delaware, Georgia,
Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Michigan,
Missouri, Montana, New Hampshire, Nebraska, New
Mexico, North Carolina, Ohio, Oklahoma, Oregon,
Pennsylvania, South Carolina, Texas, Tennessee, Utah,
Virginia, West Virginia, Vermont, Washington, Wyoming |
|
|
|
|
|
|
____________________________________________________________________________________________ |
|
|
z |
|
|
|
Home,
Forms,
Three ways to apply,
Online application,
Contact,
Submit
URL, Directory,
Home for Rent,
HARP
|
|
